Linedata, the global solutions provider dedicated to the investment management and credit industries, and Alpha Omega Financial Systems, provider of FIX protocol based post-trade software solutions, have formed a partnership which will provide buy side clients with another alternative to supportin

Published on Apr 16, 2013

Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, today announced Northeast Investors Trust as a new client using Linedata Mfact fund accounting software. Northeast Investors Trust will use Linedata Mfact to streamline portfolio and general ledger accounting, reducing operational risk and augmenting the flexibility of its reporting capabilities.

Northeast Investors Trust, established in 1950 and managing a high yield bond mutual fund valued at $665m, made the decision to upgrade their fund accounting software to Linedata’s industry benchmark fund accounting solution, Linedata Mfact, which was selected after a comprehensive review of available systems. The move to Linedata Mfact from a proprietary system will enable the fund to increase automation of its processes, enhancing efficiency and improving service levels while keeping overhead stable. Factors which led to the selection of Linedata’s Back Office solution included the flexibility of Linedata Mfact, which means that it can fit into Northeast Investors Trust’s non-standard workflow; the integrated portfolio and general ledger functionality; and the reporting facility which will greatly assist in the preparation of the Trust’s financial statements. Risk reduction and compliance were also considerations.

“In moving to a market standard solution, we are reducing operational risk – firstly through comprehensive automation and the reduction of human error risk and secondly by selecting Linedata, a solutions and services provider which has a good reputation and solid client base. It’s also important that Linedata Mfact has a built-in audit trail from a compliance perspective,” explains David Randall, Vice President, Northeast Investors Trust.

Once the system is up and running, David sees more possibilities: “I see further advantages in terms of reports we’ll be able to create and run and the wizards will enable us to do a lot of the work ourselves. If we should wish to add any further portfolios to the system it will be relatively easy. Linedata Mfact is a solution which meets our needs now and into the future.”

“We are delighted to welcome Northeast Investors Trust to Linedata’s growing number of back office clients. In selecting Linedata Mfact, they are investing in a highly flexible, intuitive and robust fund accounting and administration solution which will assist them in their quest to better support and to grow their client base through streamlining processes, automation and flexible reporting capabilities,” said Franck Thomas, Head of Back Office Sales. “Now, as multiple regulatory rulings are becoming clearer and investor requirements continue to grow, Linedata is investing across its Back Office product range to develop solutions which deliver value today and can quickly adapt to tomorrow’s environment, supporting our clients as they grow their businesses.”

Linedata Back Office provides a global platform dedicated to asset management fund accounting, administration, transfer agency and reporting solutions and services. With over 200 clients ranging from the world’s largest banks to niche asset management firms, Linedata Back Office delivers long term, global expertise and continuously invests in its range of products to better serve its growing client base, addressing regulatory and business requirements in a timely manner.

Linedata has agreed to acquire HCL Technologies’ CapitalStream business and enter into a strategic partnership with HCL Technologies Ltd. The transaction is expected to close before the end of Q1 2013 and involves Linedata acquiring all the assets and associated liabilities for a sum of $45 million.